What's the Economy like in your area?

[Guest eastburbguy]

The bad economic news just doesn't seem to let up. Today's national unemployment stats confirm that we are experiencing a downturn similar to the Great Depression - SIMILAR - thankfully, we're not in those depths - yet.

So, let's compare what we see in our own locales. There are at least two good measures: unemployment rates and forecast budget deficits

Here's the picture in Minnesota:

Minnesota's seasonally adjusted unemployment rate rose to 7.6 percent in January, the highest rate since mid-1983. This rise was due primarily to an increase of 19,400 in the number of unemployed. Minnesota lost 74,900 jobs over the year in January, down 2.8 percent. This is the largest numeric job loss in post WWII history, although the state's economy is larger now than during the 1982 recession when annual job losses reached 3.9 percent.

The only industry sector that continues to show over the year gains is Educational & Health Care Services, up 17,600 jobs or 4.1 percent. Construction, down 18.5 percent, Professional & Business Services, down 7.9 percent, and Manufacturing, down 6.5 percent, have shed the most jobs over the year.

It was announced today that Minnesota's budget deficit is forecast to be $4.57B. Without the Stimulus infusion, it would have been $5.87B. Tom Stinson, MN's State Economist said today, "Unemployment, already at 7.6 percent in Minnesota and nationally, could gallop to 9.4 percent this year and double digits "would not be a surprise."

Personal anecdote: I am going downsize my residential situation, and I've been following several local listings for 3 years now. The asking prices just keep dropping. One townhouse (3 level, 2000 sq. ft.), in a complex on the waterfront of the Wild & Scenic St. Croix River, sold for $284,900 in 2006. In March, 2008, it was listed for $299,500. In July, 2008, the asking price dropped to $259,900. In November, 2008, the price dropped to $2l5,900. Last week the price dropped to $174,900. The listing agent tells me he hasn't arranged a showing for over 6 months.

[BigK]

The bad economic news just doesn't seem to let up. Today's national unemployment stats confirm that we are experiencing a downturn similar to the Great Depression - SIMILAR - thankfully, we're not in those depths - yet.

So, let's compare what we see in our own locales. There are at least two good measures: unemployment rates and forecast budget deficits

Here's the picture in Minnesota:

Minnesota's seasonally adjusted unemployment rate rose to 7.6 percent in January, the highest rate since mid-1983. This rise was due primarily to an increase of 19,400 in the number of unemployed. Minnesota lost 74,900 jobs over the year in January, down 2.8 percent. This is the largest numeric job loss in post WWII history, although the state's economy is larger now than during the 1982 recession when annual job losses reached 3.9 percent.

The only industry sector that continues to show over the year gains is Educational & Health Care Services, up 17,600 jobs or 4.1 percent. Construction, down 18.5 percent, Professional & Business Services, down 7.9 percent, and Manufacturing, down 6.5 percent, have shed the most jobs over the year.

It was announced today that Minnesota's budget deficit is forecast to be $4.57B. Without the Stimulus infusion, it would have been $5.87B. Tom Stinson, MN's State Economist said today, "Unemployment, already at 7.6 percent in Minnesota and nationally, could gallop to 9.4 percent this year and double digits "would not be a surprise."

Personal anecdote: I am going downsize my residential situation, and I've been following several local listings for 3 years now. The asking prices just keep dropping. One townhouse (3 level, 2000 sq. ft.), in a complex on the waterfront of the Wild & Scenic St. Croix River, sold for $284,900 in 2006. In March, 2008, it was listed for $299,500. In July, 2008, the asking price dropped to $259,900. In November, 2008, the price dropped to $2l5,900. Last week the price dropped to $174,900. The listing agent tells me he hasn't arranged a showing for over 6 months.

Things here in Texas are not as bad as your anecdote indicates.

"The Texas unemployment rate jumped to 6.4 percent in January and the state lost jobs for the third consecutive month, the Texas Workforce Commission reported Thursday (3/5).

The unemployment rate jumped nearly a percentage point from the revised December figure of 5.6 percent, and the state's seasonally adjusted nonagricultural employment fell by 75,800 jobs, according to commission figures."

My retail business sales have been growing at a nearly double digit rate, but that's because we're doing some things right. My competitors are not doing as well, but overall I don't think retail here is doing as bad as the rest of the nation.

As far as real estate goes...remember that Texas' real estate market crashed in the 80's (no bailouts available then), and the recovery has been slow and steady. So there's not as much room to fall as other parts of the country, and because the appreciation has been so slow and steady there has not been as much refinancing to pull "equity" out.

I hear the hardest hit states are California, Florida & Nevada.

[Guest StuCotts]

Pathetic. Retail businesses, especially the trendy, upmarket ones, are fading fast. It also looks bad in places where I didn't expect it. This week two of us went to the Metropolitan Museum to see two shows that should have been crowded. The more ambitious one that must have cost a fortune to mount was deserted. We had it to ourselves. The other one was barely better off. I eyeballed the crowd in the lobby: too many organized groups and not enough individuals.

And so forth.

[johnjohn]

Pathetic. Retail businesses, especially the trendy, upmarket ones, are fading fast. It also looks bad in places where I didn't expect it. This week two of us went to the Metropolitan Museum to see two shows that should have been crowded. The more ambitious one that must have cost a fortune to mount was deserted. We had it to ourselves. The other one was barely better off. I eyeballed the crowd in the lobby: too many organized groups and not enough individuals.

And so forth.

I run A retail furniture and appliance store in a small town in South Carolina

we are working twice as hard making less $ ,

by that i mean we sell more customers just not as many hi dollar items

thank goodness we have business, lots of stores have gone out

i think we will be ok if can just hang on

and get some help with the health insurance situation thats one of my main espenses